ITT rallies on raised profit outlook

New boss tapped for company's defense unit

SAN FRANCISCO (MarketWatch) -- ITT Corp. shares jumped as much as 5% early Tuesday after the company raised its earnings outlook and named a new boss for its defense business.

Buyers had backed off by the end of trading, but ITT's
ITT, +1.51%
stock, which has dropped 13% in the past year, still ended up $1.23 at $57.68.

The White Plains, N.Y.-based water and fluids management, global defense and security conglomerate said it expects to beat both its first-quarter earnings target of 80 cents to 82 cents a share, and its year-end target of $3.80 to $3.90 a share.

Analysts polled by FactSet Research previously projected a first-quarter profit, on average, of 82 cents a share, and full-year earnings of $3.96 a share.

The company, which makes night-vision devices, water pumps and shock absorbers, is slated to report its earnings on April 25.

ITT also named Hank Driesse as the interim head of the company's defense unit, a position he held from 2000 to 2005. He replaces Steve Gaffney, who left his post to help run a private-equity firm, according to ITT.

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